SAP acquires identity management firm Gigya

German software firm, SAP is acquiring Israeli customer identity software company Gigya to strengthen its position in the booming market for online customer relationship marketing, the company said on Sunday. Though the erms of the deal weren’t disclosed, TechCrunch puts the transaction at $350 million.

Gigya, founded in 2006 by Rooly Eliezerov, Eran Kutner and Eyal Magen, has created web identity software that businesses can use to identify customers, aggregate data and personalize campaigns. More than 700 of the world’s leading businesses, including Speedo, Bayer, Toyota, Forbes and Fox, use Gigya to build identity-driven relationships, according to Gigya’s website.

The Israeli firm is expected to bolster SAP’s ability to help companies doing business in Europe to comply with privacy regulations such as the EU’s upcoming General Data Protection Regulation. Gigya currently manages 1.3 billion customer identity profiles.

“Gigya brings a wealth of skills and expertise that will significantly enhance the SAP Hybris Profile solution and allow us to take leadership of the emerging customer identity and access management market,” said Carsten Thoma, President and co-founder, SAP Hybris, in a statement. “Consumer trust is the main currency to succeed for customer-driven organizations. This is what Gigya is known and recognized for.”

Gigya will be incorporated into SAP’s Hybris marketing business, which offers so-called “ommichannel” integration that allows businesses to keep tabs on customers whether they shop in stores, online or on their phones, SAP said.